MARKET WRAP: Sensex ends 187 pts up, reclaims 34,000 mark; Airtel rises 10%

The benchmark indices snapped their four-session losing streak, ending over 0.5 per cent higher on Wednesday led by a rise in financial and OMC stocks ahead of the expiry of October-series futures and options (F&O) contracts.

The S&P BSE Sensex ended at 34,034, up 187 points, while the broader Nifty50 index settled at 10,225, up 78 points.

Among the sectoral indices, Nifty Financial Service index settled 1.4 per cent higher led by Bajaj Finance and IIFL.

Among key stocks, Bharti Airtel surged over 10 per cent to end at Rs 317 on the BSE after the telecom service provider said that the global investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others will invest $1.25 billion in company’s subsidiary Airtel Africa.

Bajaj Auto fell 4.3 per cent to settle at Rs 2,475 on the BSE after the company’s ebitda (earnings before interest, tax, depreciation and amortization) margin declined by 280 basis points at 18% in September quarter (Q2FY19), owing to higher input costs, adverse product mix and increase in incentives. The company had ebitda margin at 20.8% in the same quarter last fiscal. Bajaj Auto reported a single digit 4% year-on-year (Y-o-Y) growth in its net profit at Rs 11.52 billion in Q2FY19 against Rs 11.12 billion in the corresponding quarter of last fiscal. Net sales grew 22% at Rs 80.71 billion on Y-o-Y basis.

In other stocks, BPCL, HPCL and IOC rose in the range of 4 per cent to 6.6 per cent higher on the BSE following a dip in global crude oil prices.

Earlier in the day, the rupee hit a three-week high of 73.14 per dollar in intra-day trade, up from its previous close of 73.57 per dollar.
 

Global Markets

Asian stocks turned up on Wednesday as fresh signs of stimulus from China propped up sentiment despite Wall Street's overnight losses, while crude oil approached two-month lows after Saudi Arabia flagged possible supply increases.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.2 per cent following a decline of more than 2 per cent in the previous session.

Global stocks have suffered this week on worries about US earnings, Italian government finances, US trade tensions and mounting pressure on Saudi Arabia over the death of dissident journalist Jamal Khashoggi.

Hong Kong's Hang Seng gained 0.25 per cent while the volatile Shanghai Composite Index was last up 1 per cent, supported by fresh signs of government support. South Korea's KOSPI was 0.3 per cent lower and Japan's Nikkei added 0.5 per cent.
 

(with Reuters input)

3:45 PM

Nifty Fin Service index gains 1.39%. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
BAJAJ FIN.	2311.80	2083.35	228.45	10.97	10357265
IIFL HOLDINGS	382.35	353.10	29.25	8.28	774732
M & M FIN. SERV.	401.00	374.35	26.65	7.12	5300280
SHRIRAM TRANS.	1053.00	1005.30	47.70	4.74	1699052
BAJAJ FINSERV	5391.45	5167.75	223.70	4.33	1105550

3:39 PM

BSE Sensex: Top gainers & losers

3:39 PM

Top sectoral gainers and losers on BSE

3:36 PM

Market at close

 

The S&P BSE Sensex climbed 187 points or 0.55 per cent to settle at 34,034 while NSE's Nifty50 index gained 78 points or 0.77 per cent to settle at 10,225.

3:28 PM

Bharti Airtel up 15% as investors to pump $1.25 billion in African unit

Shares of Bharti Airtel have moved higher by 15% to Rs 329 per share on the BSE in intra-day trade on Wednesday after the telecom services company said that the global investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others will invest $1.25 billion in company’s subsidiary Airtel Africa. READ MORE

3:17 PM

Trust, confidence severely impacted by IL&FS default, says Sebi chairman

The default by Infrastructure Leasing & Financial Services (IL&FS) has "severely” impacted the trust and confidence of investors, said Ajay Tyagi, chairman, Securities and Exchange Board of India (Sebi).

 

Speaking at the conference organised by rating agency Crisil, he said “Let me briefly touch upon the issue of ‘trust’ and how this “trust" and consequently investors’ confidence has been severely impacted due to developments in the recent months, particularly as a result of default by a large entity.” READ MORE

3:00 PM

Bajaj Auto, Hero MotoCorp, Tata Motors hit 52-week low

Bajaj Auto, Hero MotoCorp, Tata Motors, Shree Cement and Grasim Industries were among 10 stocks from the S&P BSE 200 index that hit their respective 52-week lows on the BSE.
 

Container Corporation, Indian Bank, Motilal Oswal Financial Services, Edelweiss Financial Services and Oracle Financial Services Software, too, hit 52-week lows today. READ MORE

2:43 PM

Oil extends drop, falling towards $75, on demand worries

 

Oil fell towards $75 a barrel to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply ample even as US sanctions loom on oil exporter Iran. Brent crude, the global benchmark, was down $1.28 to $75.16 a barrel. It fell earlier to $75.11, the lowest since Aug. 24. US crude dropped 30 cents to $66.13.

2:32 PM

Nifty Pharma trading 1% lower 

2:16 PM

BSE gets Sebi's nod to launch Oman crude oil contract

Leading stock exchange BSE said it has received markets regulator Sebi's approval to launch Oman Crude Oil contract on its newly launched commodity derivatives segment.

 

BSE had marked its entry into the commodity derivatives segment with gold and silver contracts on October 1, 2018. READ MORE

2:02 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,810.80	-36.43	-0.11
S&P BSE SENSEX 50	10,620.76	+0.64	+0.01
S&P BSE SENSEX Next 50	29,855.09	-66.98	-0.22
S&P BSE 100	10,377.94	-2.93	-0.03
S&P BSE Bharat 22 Index	3,303.51	+0.11	0.00

1:45 PM

Oberoi Realty surges 15% in three days after a strong Q2 result

 

Shares of Oberoi Realty have moved higher by 9% to Rs 431 per share on Wednesday, extending its 6% gain in past two days on the BSE, after the company reported a more-than-double consolidated net profit at Rs 2.14 billion in September quarter, on strong revenue growth. The real estate company had reported a profit of Rs 1.04 billion during the same quarter last fiscal. Read more

1:29 PM

After betting $101 bn in 10 years, foreign investors ditching Indian stocks

 

Monsoon season may be over, but India’s investors are at risk from a different kind of flood. Indian stocks have been the biggest emerging-Asian beneficiaries of the wave of liquidity that swept over world markets in the wake of the global financial crisis, according to data compiled by Bloomberg. That may also make them the most vulnerable, now that the waters are receding. Read more

1:15 PM

S&P BSE Sensex top gainers and losers

1:01 PM

Mutual funds' flow into equities crosses Rs 1 trillion mark in CY18

 

Domestic mutual funds (MFs) have continued to pour money into equity markets all through 2018 with their net inflow crossing Rs 1-trillion mark for the second consecutive calendar year. Thus far in calendar year 2018 (CY18), MFs have pumped in a net Rs 1.02 trillion in equities, Securities and Exchange Board of India (Sebi) data show. In comparison, they had invested Rs 1.19 trillion in equities during CY17. Click here to read more